Steem (STEEM) Price Analysis: Will Steem Bounce Back Again After The One Month Set Back?

Steem’s short term partnerships need to improve the long term gains for the token holders

Steem surely knows how to engage the crypto enthusiasts and become popular quickly but does it know if the magic will last forever. Steem’s reward system for the online content contributors has taken the next step through the platform’s partnership with Snax. Steem team has to now think of that big move which can establish STEEM token at a firm position in the coin ladder and provide its holders & investors a solid reason to trust the coin. The data portrays a dim picture.

Current Statistics:

Steem is ranked at the 61st position in the CoinMarketCap’s top 100 cryptocurrencies list

As on May 15, 2019, at 07:44:01 UTC, the market cap of the coin is 115,508,680 USD

The price of the coin stands at 0.36 USD & 0.00004522 BTC

The 24 h volume has reached 2,159,636 USD

The ROI of the coin stands at -43.65%

The current circulating supply of the coin is 20,254,361 STEEM as against the total supply of 337,228,455 STEEM

Comparison:

As on April 21, 2019, at 01:34:00 UTC, the market cap of STEEM was recorded at 138,365,194 USD. The price of the coin was trading at 0.44 USD & 0.00008341 BTC. The 24 h volume was 1,435,504 USD. A downward trend of over -18% is noted in the last 30 days with the price of each STEEM coin moving between 0.45 USD and 0.29 USD. The highest priced dipped to 0.36 USD in the last 7 days. STEEM can be expected to attain its first resistance level in the next couple of days at 0.36 USD.

Steem Price Prediction till 2020:

STEEM has shown a consistent trend of few ups followed by sudden dips and then up again since January 2019. The price of the coin reached as high as 0.50 USD in March. However, the coin is yet nowhere close to its all-time high of 8.57 USD. In the last 2 weeks, the coin fell by 20 positions in the global ranking. Steem team has to think differently and out of the box now. While contests and reward system are good for connecting with the users, the team has to restore the faith of the investors in the token. As for the price movement, Steem can record a value of over 0.90 USD by 2019 end and can shoot up to 5 USD in the next 2 years.

Conclusion:

Steem is sailing at a lower end, and this is the best time for smaller investments in the coin.

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.